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none of us want tax increases but at the end of the day trillion dollars deficits are bad, too. trillion dollars deficits every year as far as the eye can see, that's a tax on our kids, our grandchildren, on people who have saved their whole lives and done the responsible things. trillion dollars deficits are a tax, too, and that's what we have to understand. >> it's not good leadership to pass the buck, especially on future generations. they don't deserve to pay for our problems ander responsibility. what do you think is the biggest problem with raising taxes on the wealthy? it's so easy for them to say raise the taxes on the rich, punish them? >> well, the president likes to say the rich needs to pay their fair share for the tax burden of the united states. the funny thing is, actually 23 you look at all the developed countries in the world, the u.s. tax code is the most progressive in the entire world. the wealthiest americans pay the largest share of the tax burden in the u.s., much more so than in european countries. >> the boehner plan b and the some of the things the pres
none of us want tax increases but at the end of the day trillion dollars deficits are bad, too. trillion dollars deficits every year as far as the eye can see, that's a tax on our kids, our grandchildren, on people who have saved their whole lives and done the responsible things. trillion dollars deficits are a tax, too, and that's what we have to understand. >> it's not good leadership to pass the buck, especially on future generations. they don't deserve to pay for our problems ander...
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Dec 27, 2012
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too much deficit reduction, too quickly, and we could push the economy into a recession. that's just dumb. >> it is very dumb. now, you've been in many, many, many of these negotiations? you've been in the backrooms of a lot of the ongoing negotiations, now, do you think they have any chance of getting a deal before the first of the year? >> i'm always hopeful, but i'm less hopeful as every day passes. the problem is the rhetoric that's flying back and forth between republicans and democrats sounds like we're still having an election that it never was over. i think that now -- now that we've had an election, and the american public has spoken, whatever they meant, it's time for the politicians to get together, come together as starbucks is saying, and get something done. nobody's going to get everything they want. but it's so much more important to solve the problem than for one side or the other to get what they want or blame the other. the atmosphere is just wrong. >> when you hear the argument for going over the cliff. when it's been told to me by both democrats and re
too much deficit reduction, too quickly, and we could push the economy into a recession. that's just dumb. >> it is very dumb. now, you've been in many, many, many of these negotiations? you've been in the backrooms of a lot of the ongoing negotiations, now, do you think they have any chance of getting a deal before the first of the year? >> i'm always hopeful, but i'm less hopeful as every day passes. the problem is the rhetoric that's flying back and forth between republicans and...
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Dec 28, 2012
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paul rooip, the big deficit guy, or so he says, he was on the simpson-bowles commission, and he voted against it, as did every other house republican on the commission. the white house saw no reason to embrace something that raised taxes so sky high and so the white house brought out something that was frankly to the right of simpson-bowles. their budget was to its right and they thought it had a better chance of passing. they thought it was a compromise. but the house republicans did not respond the same way. when they brought out the ryan budget, which was their budget alternative, they didn't compromise. they went way to the right. there was no xriemz compromise t all. that is fact number one. number two, in 2010 republicans won the midterm election. 2011 the white house agreed to a deal that was all spending tucu. it is the budget control act. it cuts spending by $1.8 trillion over the next decade. except for an increase in pell grants, the bill is all cuts, no taxes. and democrats agree to that. they agreed. that is fact number two. fact number three. at this point even after win
paul rooip, the big deficit guy, or so he says, he was on the simpson-bowles commission, and he voted against it, as did every other house republican on the commission. the white house saw no reason to embrace something that raised taxes so sky high and so the white house brought out something that was frankly to the right of simpson-bowles. their budget was to its right and they thought it had a better chance of passing. they thought it was a compromise. but the house republicans did not...
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we don't have a short-term deficit problem. we have a jobs and growth problem and we have a faltering recovery. we should put off the sequester. put off this grand bargain. come back. let the bush tax cuts expire. make sure the middle class doesn't have to pavement the schif a manufactured media drama. >> laura: wow, can you say out of touch? joining us now from new york is maxwell a democratic strategist and guy benson the political editor for "town hall.com." okay. this is quite something. we have been hearing from the obama white house, the congressional budget office and any number of conservative economistst that this is serious. that we have got to get this thing done that we have got to get it in order. or at some point america's full faith and credit is going to go away. we are not going to look so good to the rest of the world as far as credit risk. so let's talk to you about this. is this a manufactured media crisis or does something substantial need to be done here? >> well, i certainly think that the fiscal cliff, t
we don't have a short-term deficit problem. we have a jobs and growth problem and we have a faltering recovery. we should put off the sequester. put off this grand bargain. come back. let the bush tax cuts expire. make sure the middle class doesn't have to pavement the schif a manufactured media drama. >> laura: wow, can you say out of touch? joining us now from new york is maxwell a democratic strategist and guy benson the political editor for "town hall.com." okay. this is...
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Dec 26, 2012
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lays the groundwork for further work on growth and deficit reduction. >> that means taxes go up for some now and spending cut on medicare and other programs are kicked to another date. >> what the president offered so far won't do anything to solve the spending problem and begin to address the crippling debt. >> gallup in early december saying 58% of the public thought we'd avert the fiscal cliff. new poll shows it's dipped to 50% thinking that. the public thinks we are headed for a big problem. >> doug: breaking news from treasury secretary geithner it go about the debt ceiling. are we about to go to default? >> yes and no. secretary gite it go says today that we will hit debt ceiling on december 31, new year's eve. it only buys a couple of months. it proves even if we get through the fiscal cliff situation we are headed for a major showdown next year. >> doug: ed henry traveling with the president in honolulu. what happens if we go over the fiscal cliff? molly henneberg explains it means more money of the of your wallet. >> taxes are going up on everyone immediately. if washington can'
lays the groundwork for further work on growth and deficit reduction. >> that means taxes go up for some now and spending cut on medicare and other programs are kicked to another date. >> what the president offered so far won't do anything to solve the spending problem and begin to address the crippling debt. >> gallup in early december saying 58% of the public thought we'd avert the fiscal cliff. new poll shows it's dipped to 50% thinking that. the public thinks we are headed...
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. >> if this can make the deficit worse in a relatively small way. supermarkets are not going to be able to sell milk at $8 a gallon. the government will buy it at that price or a much higher price than it's paying now, under the 1949 law when cows were milked by hand instead of machines. it will have to sell that milk at a loss. >> yeah, and selling at a loss is going to do tremendous damage to that industry. what would the real world impact of a price hike like this be. >> if milk went up that much, you would see a huge change in the dietary habits of americans, including children. they would be drinking water and soda. remember we have all these sugary drinks that people are letting their children have. and you would see this big shift away from milk toward those kinds of drinks. the real underlying story here, i think the important one is about how we are seeing the way the republicans are likely to behave for the next two years, i think this is going to turn out to be an extraordinarily difficult and weird and unusual period in american history.
. >> if this can make the deficit worse in a relatively small way. supermarkets are not going to be able to sell milk at $8 a gallon. the government will buy it at that price or a much higher price than it's paying now, under the 1949 law when cows were milked by hand instead of machines. it will have to sell that milk at a loss. >> yeah, and selling at a loss is going to do tremendous damage to that industry. what would the real world impact of a price hike like this be. >>...
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Dec 30, 2012
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who should pick up the burden for deficit reduction? working people who have seen their wages go down or the top 2% who have done phenomenally well, while their effective tax rate, as mitt romney reminded us by not releasing his tax returns, is extremely low. so to my mind, what this deficit reduction debate is about is asking the wealthiest people, the large corporations to help us with deficit reduction and give a break for a change to the middle class and working families. >> as you say, one that would mean less money for seniors with the social security adjustment is off the table, are you more optimistic about getting a deal done. >> we still have a long way to go. >> what do you see as the major sticking point? >> one of the sticking pointing, what the republicans want to do is continue the 2010 agreement on lower estate tax rates, which means, chris, $120 billion tax break over a ten-year period for the top 0.2 of 1%. they get $120 billion tax break. and people come forward and say we're very serious about deficit reduction. thir
who should pick up the burden for deficit reduction? working people who have seen their wages go down or the top 2% who have done phenomenally well, while their effective tax rate, as mitt romney reminded us by not releasing his tax returns, is extremely low. so to my mind, what this deficit reduction debate is about is asking the wealthiest people, the large corporations to help us with deficit reduction and give a break for a change to the middle class and working families. >> as you...
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and the way we avoid further debt and deficit is to cut spending. >> will we hear -- their -- come up with debt limitations again the boehner principle for every dollar the debt limit is raised we have a cut in spending. that seems to me that -- where there is a huge ideological divide between both parties, republicans say the problem is about spending and democrats say it is all about lack of revenue, how -- how does -- is that bridged in this year? can it be bridged? >> yes, it can. both president obama and speaker boehner have already begun to do a principle compromise. speaker boehner said i'm ready to raise taxes on those over a million dollars. president obama said i'm ready to have a new type of chain to consumer price index which -- impacts entitlement reform. the bipartisan national debt commission, simpson-bowles commission, said for every dollar of spending reduction, including the entitlement reform we immediate to have $1 in tax revenue. that's the principle compromise we have to have. so they are not far off. what we have to have is very simple. $4 trillion in debt reduc
and the way we avoid further debt and deficit is to cut spending. >> will we hear -- their -- come up with debt limitations again the boehner principle for every dollar the debt limit is raised we have a cut in spending. that seems to me that -- where there is a huge ideological divide between both parties, republicans say the problem is about spending and democrats say it is all about lack of revenue, how -- how does -- is that bridged in this year? can it be bridged? >> yes, it...
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that contributes to deficit reduction. they said this is consistent with the bipartisan commission approach. yes, he did say that and, yes, we don't have that and, yes, we are approaching this deadline. >> how do you negotiate with someone who said during the campaign over and over three dollars in cuts for are one dollar in revenue and now neither side is going to get everything that they want. but the house republicans have said okay, we'll find $800 billion in revenue but give us the $2.4 trillion in it cuts and he has not been willing to do that. so the last ditch effort the hail hary pass was the house of representatives saying fine let's take nancy pelosi and chuck schumer's bill that they proposed this summer to extend the tax rates on every household and every small business a million dollars and below, allow them to go up on the million dollars and above which is the current law on january 1, let's do that. that ought to be something we can agree on. let me add this. when we he voted on our bill in the house this
that contributes to deficit reduction. they said this is consistent with the bipartisan commission approach. yes, he did say that and, yes, we don't have that and, yes, we are approaching this deadline. >> how do you negotiate with someone who said during the campaign over and over three dollars in cuts for are one dollar in revenue and now neither side is going to get everything that they want. but the house republicans have said okay, we'll find $800 billion in revenue but give us the...
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we hear politicians talk about deficits and debt all the time. >> debt,. >> deficit. >> deaf. debt. >> how they can get it to slow down or tick back the other way continues to be the challenge. but first, where we have been. >> let's look at debt through history. the amount we owe has ebbed and flowed. our country's habit of spending more than it takes in is nothing new. while wree currently at the highest level of debt our country has seen, 1835 saw the lowest recorded debt at just $34,000 under president andrew jackson. it was an unsuccessful assassination attempt on him that year. in 1865 a president that did parish from such an attack, president abraham lincoln over saw a debt of $3 billion. fast-forward to black tuesday in 1929. the most devastating stock market crash in the history of the united states. our national debt rose to $17 billion then. then came world war ii, a very expensive one. and by d-day in 1945 our debt ballooned to $259 billion, a quarter of a trillion dollars. and then to more recent times. the 2008 financial crisis. the amount of our debt our country
we hear politicians talk about deficits and debt all the time. >> debt,. >> deficit. >> deaf. debt. >> how they can get it to slow down or tick back the other way continues to be the challenge. but first, where we have been. >> let's look at debt through history. the amount we owe has ebbed and flowed. our country's habit of spending more than it takes in is nothing new. while wree currently at the highest level of debt our country has seen, 1835 saw the lowest...
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and it immediately moved to deficit reduction and how to do it. and that was a very fundamental, important shift in the conversation. >> we have to go, but -- we have to go, but i heard that after the show, sam stein will be on twiner. you can be there, too. >> we can get together. >> we have another important item, though, which is the biggest hurdle arguably to president obama's second term agenda. that's something you're probably never going to hear about, literally. people think of the filibuster as a talk athon to stop action in the senate. but nowadays it has been attacked with a constant extreme of silent filibusters. up next, the talking filibuster ahead live. >>> time for the your business preer oes weeks. amber and mark started north carolina's based footsteps clothing which had a booming christmas themed pajama liven. not wanting to be jump a seasonal line of christmas, they added other opportunities. for more, watch "your business." sunday morning at 7:30 a.m. everyone loves surprise parties. yeah, so last week we had a surprise party
and it immediately moved to deficit reduction and how to do it. and that was a very fundamental, important shift in the conversation. >> we have to go, but -- we have to go, but i heard that after the show, sam stein will be on twiner. you can be there, too. >> we can get together. >> we have another important item, though, which is the biggest hurdle arguably to president obama's second term agenda. that's something you're probably never going to hear about, literally. people...
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and lays the ground work for future cooperation on more economic growth and deficit reduction. >> now, that's a little different i. the president is saying he's going to urge the senate majority leader to go in an up or down vote which really rallies the country to call on their senators. and when he referred to unemployment insurance and unemployed people looking for work, the benefits that are set to expire, expire, now, are lifelines for people who work. 2 million people we're talking about. average check they receive is $320 per week. benefits goes to those who have been unemployed more than 6 months. every dollar in unemployment benefit translates to $1.10 in additional economic activity. these people have been out of work. these are people that invested in unemployment insurance, been out of work over 6 months. depend on this $320 a week. it expires unless a deal is made. that's why this is cig nif kant. and the president is saying let's make this happen or call the roll. >> it's time for a reckoning. the reckoning has to occur in a couple of different ways. the president is goi
and lays the ground work for future cooperation on more economic growth and deficit reduction. >> now, that's a little different i. the president is saying he's going to urge the senate majority leader to go in an up or down vote which really rallies the country to call on their senators. and when he referred to unemployment insurance and unemployed people looking for work, the benefits that are set to expire, expire, now, are lifelines for people who work. 2 million people we're talking...
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back to the 1980s when the deficits have started to explode, there have been four or five pieces of legislation over the past 30 years dating back to hollings that was the first sequester. the republicans in the house of representatives, they feel they were elected in 2010 to come here and cut spending. dealing with the tax increases, that's a smaller piece. and that seems to be the focus of these talks right now. getting everybody's hands wrapped around the spending component which again the super committee was supposed to take care of last year, they failed. the budget control act, other provisions, all of these things have failed because nobody wants to give. and that's why it is going to be tough to get this through the house of representatives because these republicans are locked in. they say, look, we have cut some spending here this past year. but it was not cut enough. it was not cut deeply enough. they say hold on, we have already cut. that's the longer heads. getting this through the house will be an uphill climb. >> and statistically, when you look at the surveys americans are dug in
back to the 1980s when the deficits have started to explode, there have been four or five pieces of legislation over the past 30 years dating back to hollings that was the first sequester. the republicans in the house of representatives, they feel they were elected in 2010 to come here and cut spending. dealing with the tax increases, that's a smaller piece. and that seems to be the focus of these talks right now. getting everybody's hands wrapped around the spending component which again the...
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Dec 22, 2012
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unemployment insurance for two million americans, and lays the groundwork for further work on both growth and deficit reduction. that's an achievable goal. that can get done in ten days. >> you know, president obama today could have come out, and he could have just punched boehner right in the nose. he could have come out and kicked the guy when he was politically down. but the president came out today with a demeanor of, hey, let's do a deal. it was a rough night at the office, but let's not give up on this. president obama has gone back to the basics. the days of the grand bargain he knows are over. but the president wants an extension on tax cuts for income below $250,000, as well as extended unemployment benefits. what is wrong with that? spending cuts can be dealt with later on in the future. and of course as luck would have it, there is already a bill exactly like this sitting in the united states senate. harry reid passed it back in july, and republicans refused to vote on it. boehner, why don't you vote on that? the time for complaining about this deal totally over. >> nobody can get 100% of
unemployment insurance for two million americans, and lays the groundwork for further work on both growth and deficit reduction. that's an achievable goal. that can get done in ten days. >> you know, president obama today could have come out, and he could have just punched boehner right in the nose. he could have come out and kicked the guy when he was politically down. but the president came out today with a demeanor of, hey, let's do a deal. it was a rough night at the office, but let's...
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Dec 29, 2012
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american looking for a job, and lays the groundwork for future cooperation on more economic growth and deficit reduction. you guys, i can hear you over there. i believe such a proposal could pass both houses with bipartisan majorities. as long as those leaders allow it, to actually come to a vote. if members of the house or the senate want to vote no, they can, but we should let everybody vote. >> i would actually really like to know who he was shushing there. but to his main point, here's what the president intends to do. senators reid and mcconnell will try to come to a deal. if they fail, the white house and harry reid are going to try to jam through a bill that increases taxes on rich people and extends unemployment insurance, which are the two key democratic priorities. they'll pretty much dare republicans to block it. and republicans probably won't be able to, at least not for long. here's johnny isaacson, a republican senator from georgia, over the weekend. >> if we get down to the end of this year, and the only choice we have is to save taxes going up on the middle class, then i would
american looking for a job, and lays the groundwork for future cooperation on more economic growth and deficit reduction. you guys, i can hear you over there. i believe such a proposal could pass both houses with bipartisan majorities. as long as those leaders allow it, to actually come to a vote. if members of the house or the senate want to vote no, they can, but we should let everybody vote. >> i would actually really like to know who he was shushing there. but to his main point,...
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so this tax increase will take care of maybe 3 to 7% of the deficit. he has talked about a balanced approach. what is the solution for the other 93%? that's what we have to start getting our arms around. creditors around the world, at some point are going to take a look at the united states government and say, we are not going to loan you money. when the interest rates inch up, we crowd out all kinds of spending. if we revert to the average interest rate we had from 1970 to 1999, 5.3% that, cost $600 billion per year in added interest expense. that's what we are trying to avoid with a fiscally responsible plan. >> we stand by with you and the rest of the folks on the hill to see what you get today. we wish you all the best in finding a solution. >> thank you. >> the president is blaming congress, specifically republicans in the house, republicans blame the president. who do the american people think is at fault? we have our spokesperson for the dnc and for the rnc. >> good to be with you. we be that the polling is not good for anybody in washington, wh
so this tax increase will take care of maybe 3 to 7% of the deficit. he has talked about a balanced approach. what is the solution for the other 93%? that's what we have to start getting our arms around. creditors around the world, at some point are going to take a look at the united states government and say, we are not going to loan you money. when the interest rates inch up, we crowd out all kinds of spending. if we revert to the average interest rate we had from 1970 to 1999, 5.3% that,...
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it ought to be about reducing the deficit and debt. they're suggesting we want new taxes, higher taxes on people in this country to pay for new spending. >> republicans continue saying they're waiting for harry reid to make a counter offer. >> they're not making that tonight. he's told us that's not going to happen it but they're working on it. a sounds like a change of entitlement programs is irritating them. >> republicans created way of calculating inflation to lower payments to recipients of social security. the senate majority leader offered this update a short time ago. >>> i was really gratified to hear republicans took their dammed for social security benefit cuts off the table. they should never have been on the table. there's still significant distance between the sides but negotiations continue. there's still time left and we intend to continue negotiations. >> senator mitch mcconnell says there was no single issue that remains an impossible sticking point. all that's is needed he says is a willingness, interest, or courage
it ought to be about reducing the deficit and debt. they're suggesting we want new taxes, higher taxes on people in this country to pay for new spending. >> republicans continue saying they're waiting for harry reid to make a counter offer. >> they're not making that tonight. he's told us that's not going to happen it but they're working on it. a sounds like a change of entitlement programs is irritating them. >> republicans created way of calculating inflation to lower...
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Dec 22, 2012
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. >> wall street sent a message loud and clear there is a major stake in the washington deficit talks. dow jones fell sharply today. the economists believe if we go over the fiscal cliff, it could trigger a reseegs still looking for holiday gifts in an affordable price? >> coming up next, some advice on price matching. >>> it's just one more weekend of shopping left. michael finney thought you might like to know how to find the best deals. >> dig box stores competing for the same customers with the same merchandise and they know they need to offer competitive prices in order to get your business. >> online a mobile shopping makes it easier for people to make sure they're getting the best deal. so retailers offering some policies this season. >> this is a great tool for price comparing. >> if it's a major purchase and expensive, tax adds up. so... i check just before to make sure i'm not getting ripped off. >> for the first time, many retailers launched price matching programs online and in their store autos if retailers don't do this, they're just not going to be able to compete. so i
. >> wall street sent a message loud and clear there is a major stake in the washington deficit talks. dow jones fell sharply today. the economists believe if we go over the fiscal cliff, it could trigger a reseegs still looking for holiday gifts in an affordable price? >> coming up next, some advice on price matching. >>> it's just one more weekend of shopping left. michael finney thought you might like to know how to find the best deals. >> dig box stores competing...
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Dec 23, 2012
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we have a $1 trillion annual budget deficit forecast for the next year. that means that president obama's solution would address 8% of the problem. it's by focusing on the 8% and giving the public the impression that that's in fact what would fix the problem that all these parties have done a disservice. they need to focus on spending, not on taxes. if they focus primarily on spending, i bet you would see the tax situation resolve itself. >> david, let's take a sharp turn and talk about the man who came very close to becoming the next president. the "boston globe" has an in-depth look at what might have gone wrong during romney's campaign. romney's eldest song tag along with ann romney who had to we are said him to run. he was quoted as saying he wanted to be president less than anyone i know in my life h.no desire to run. if he could have found somebody else to take his place he would have been ecstatic to step aside. what do you make of this? >> my eyes opened on that story because we know that mitt romney has run twice for the presidency. there were se
we have a $1 trillion annual budget deficit forecast for the next year. that means that president obama's solution would address 8% of the problem. it's by focusing on the 8% and giving the public the impression that that's in fact what would fix the problem that all these parties have done a disservice. they need to focus on spending, not on taxes. if they focus primarily on spending, i bet you would see the tax situation resolve itself. >> david, let's take a sharp turn and talk about...
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whatever they do will probably add to the deficit. i think you have 50/50 of getting something done before the end of the year, but it won't be substantive. it will kick the major problems over until the next congress. >> you're saying they're kicking the can. >> yep. >> alex, i'm the eternal optimist, but i think the odds have dropped to 40%. >> 40%. okay. gentlemen, thank you very much. good to talk with you both. happy holidays. see you on the other side of the holidays. >> we've been asking all of you on twitter today how worried are you about the country going over the fiscal cliff. here are some tweets. not at all. thanks to the aoc, administrative office of the courts, california went over it last year. we remain broken and in a bloody heap in the sand. terry bradbury says i'm extremely worrieworried. the people are being held hostage over political egos who refuse to compromise. and it's time for the gop to realize the far-reaching effects of the bush years, going over the fiscal cliff is mild in comparison. and i'm not worrie
whatever they do will probably add to the deficit. i think you have 50/50 of getting something done before the end of the year, but it won't be substantive. it will kick the major problems over until the next congress. >> you're saying they're kicking the can. >> yep. >> alex, i'm the eternal optimist, but i think the odds have dropped to 40%. >> 40%. okay. gentlemen, thank you very much. good to talk with you both. happy holidays. see you on the other side of the...
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what do you do about deficits? the truth is doing nothing at this point is the best impact they can have on deficits, because taxes will go up, spending will go down. that's the point of this deal. so to come to your point, yeah, i guess they could suddenly hug each other and do had this dance, but the reality is there are a lot of people who think, what we are dealing with is deficits because the budget looks better and we'll deal with the economy some other way. >> doing nothing is what they do best. mike, before we let you go, ed mackey malden running for the united states senate in massachusetts. >> he's never run statewide. do you agree with this? i think scott brown is smiling this morning? i think a race against ed markey well-known in washington, respected here and has taken strong positions on climate change and other issues. he's not a household name in massachusetts. scott brown is. there's a totally different electorate in this special election. scott brown likes this match upup. mike, would you call hi
what do you do about deficits? the truth is doing nothing at this point is the best impact they can have on deficits, because taxes will go up, spending will go down. that's the point of this deal. so to come to your point, yeah, i guess they could suddenly hug each other and do had this dance, but the reality is there are a lot of people who think, what we are dealing with is deficits because the budget looks better and we'll deal with the economy some other way. >> doing nothing is what...
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Dec 27, 2012
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more stimulus, $50 billion in additional government spending, which would only add to the debt and deficit. what impact does that have? >> i think that have essentially no impact. the u.s. has been growing since june of 2009. this is not a case where the government needs to step in and stop a free fall. the problem is we're growing too slowly. we are growing at rates that are 1, 1.5, 2%, and we should be growing at rates of 3 and 4%. to do that we need permanent fixes. fixes to entitlement programs, tax reform, that's the recipe for more rapid growth. it's also the same recipe for fixing the debt. gregg: how about 7 and 8% growth which is what happened this ronald reagan reduced the tabgts rates. the tax rates. >> that would be phenomenal. we haven't seen that since the 1980s. it will take a very big pla change in the playbook in washington for that to happen h. gregg: thank you very much. >> thank you. gregg: what will it cost you if washington can't make a deal before next week, something that is looking more and more likely? you can find out all you need to know on our website foxnews.c
more stimulus, $50 billion in additional government spending, which would only add to the debt and deficit. what impact does that have? >> i think that have essentially no impact. the u.s. has been growing since june of 2009. this is not a case where the government needs to step in and stop a free fall. the problem is we're growing too slowly. we are growing at rates that are 1, 1.5, 2%, and we should be growing at rates of 3 and 4%. to do that we need permanent fixes. fixes to...
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Dec 22, 2012
12/12
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beaten with a stake in order to get something substantialaccomplished in terms of long-term budget deficit reduction. lou: i can tell you, your metaphor, it pro the is welcomed that nearly every year or in the country right now because the idea of being these politicians with something right now is compelling. i mean, this is really getting stupid. >> it's like spare the market, spoil the policymakers. lou: as we look at these numbers that are coming in, you were watching, as we have talked for some time. the bernanke bubble is rising. now, it's gettingrather potent and driving this market. are we now seeing that shift, we are talking about over four and a half billi shares today, above the average all week. it looks like we're starting to see a real turn to equities. are we? >> that could be the case. if you believe money market rates will stay close to 0% until the middle of 2015 and ten year treasurys will climb bove 2% anytime soon. it makes a great deall of sense. >> i agree. it is going to happen, and he has his paddle to the metal. he is not a point change. lou: he being ben bernank
beaten with a stake in order to get something substantialaccomplished in terms of long-term budget deficit reduction. lou: i can tell you, your metaphor, it pro the is welcomed that nearly every year or in the country right now because the idea of being these politicians with something right now is compelling. i mean, this is really getting stupid. >> it's like spare the market, spoil the policymakers. lou: as we look at these numbers that are coming in, you were watching, as we have...
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Dec 27, 2012
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so all of this takes place against a debate about how to reduce the budget deficit. that's why you get into this theater of the absurd. >> well, and look at the tape you showed at the opening of the program with keith boykin over and over again showing the dysfunction of congress. they made this so onerous with the belief it would make them do something less onerous and now they're right up against it. >> they really know how to make these crises happen. political correspondent and writer, john howard, thank you very much for joining me and former labor secretary robert reich, thank you for joining me tonight. >>> coming up, the nra has done much more damage than you think. and they've made gun ownership much harder to trace. >>> and the romneys keep trying new explanations for why mitt lost. but they aren't getting any closer to the truth. and as some of you on twitter already know, i am wearing a christmas gift or two on the show tonight. there is still time to tweet your guesses about what it is. the answer to what christmas gift or gifts am i wearing is coming up
so all of this takes place against a debate about how to reduce the budget deficit. that's why you get into this theater of the absurd. >> well, and look at the tape you showed at the opening of the program with keith boykin over and over again showing the dysfunction of congress. they made this so onerous with the belief it would make them do something less onerous and now they're right up against it. >> they really know how to make these crises happen. political correspondent and...
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Dec 24, 2012
12/12
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doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social security or for that matter medicare benefits. you can cut medicare in ways you don't cut benefits and the hypocrisy of republicans that said that democrats are terrible because they took $716 billion from medicare for obama care and what do we want to do? pocket the cuts and add more. our chief demand is entitlement cuts. medicare and social security. >> talk about the debt ceiling and where this is played in to this conversation. that is coming up in february or supposed to come up in february. john boehner made the offer to take it off the table for a year but i want to sho
doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social...
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Dec 26, 2012
12/12
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christmas should be a day of joy and celebration and recent tragic events gave this year's holiday a deficit feeling. >> reporter: in newtown, connecticut, it was a day of lingering heartache. empty stockings hung as reminders of loss filled with gifts and police helps for time with their families. >> glad we can do it. >> a pleasure to help them out. >> police officers giving police officers time off, you couldn't ask for a better christmas gift. >> reporter: in the new york area, still without homes because of hurricane sandy, volunteers tried to deliver holiday spirit, handing out food, toys and blankets at relief centers. >> people came out to help people. you can't put a price on that or buy that either. >> reporter: in places spared direct tragedy americans marked it with their own ways keeping those less fortunate in their thoughts. >> when people are suffering and going through hardship, many, many people come to offer their help in whatever they can do. >> reporter: across the nation, americans attended church services and spent time with family and friends. at the mitchell home out
christmas should be a day of joy and celebration and recent tragic events gave this year's holiday a deficit feeling. >> reporter: in newtown, connecticut, it was a day of lingering heartache. empty stockings hung as reminders of loss filled with gifts and police helps for time with their families. >> glad we can do it. >> a pleasure to help them out. >> police officers giving police officers time off, you couldn't ask for a better christmas gift. >> reporter: in...
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Dec 27, 2012
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these are people providing us also with the means that float the deficit. these are people that are providing finances and this goes on long enough, they begin to think that. >> who? >> the foreign governments as well as markets. people sitting on enormous treasuries. the question then is they go hold it. if these guys are not serious, why am i depending on them so much? the scary scenario is people say before i continue to float the united states, i want to get a higher return in order to give in to this risk and uncertainty. that is the day the spiral begins because mr. bernanke and col colleagues have to think about raising rates and whether to attract the financing. what is scary about this cliff and the debt ceiling over the next two months to the end of february is for the rest of the world looking at us, we have about two months if not to solve everything, but to get enough ducks lined up that we continue to be at least border line serious. >> talking about border line serious, tim geithner's letter indicating we won't be able to pay our bills, are t
these are people providing us also with the means that float the deficit. these are people that are providing finances and this goes on long enough, they begin to think that. >> who? >> the foreign governments as well as markets. people sitting on enormous treasuries. the question then is they go hold it. if these guys are not serious, why am i depending on them so much? the scary scenario is people say before i continue to float the united states, i want to get a higher return in...
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Dec 26, 2012
12/12
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i have a slightly deficit take. i certainly agree, banks have been on fire 40% versus s&p up the last six months. they've been terrific stocks recently. a lot of optimism gets put into these names and i see a lot of headwinds to tensipotentia pote it. >> being? >> regulatory pressure high. and keeping interest margins under pressure. loan demand is still pretty weak. cni, commercial and industrial loan demand is starting to weaken. you have political pressure and uncertainty, which remains high. there's a lot of problems here. one in particular, in regulation, i think is underappreciated here. you referenced it in your spot. the coming central clearing of derivatives mark, i think is a big problem. >> when i say basel-free, people's eyes glaze over, where are you regarding basel-free and what it means to profits? >> a fair question and huge unknown. we're starting to see some firms begin to reshape their business, particularly on the market side, where a lot of pressure is. there's a busy called fix income and commo
i have a slightly deficit take. i certainly agree, banks have been on fire 40% versus s&p up the last six months. they've been terrific stocks recently. a lot of optimism gets put into these names and i see a lot of headwinds to tensipotentia pote it. >> being? >> regulatory pressure high. and keeping interest margins under pressure. loan demand is still pretty weak. cni, commercial and industrial loan demand is starting to weaken. you have political pressure and uncertainty,...
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Dec 23, 2012
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demanding to deficit-reduction. -- demanding deficit reductions. tell me where there are. interest rates have been going up in the other direction. to get back to something else that we were talking about a few minutes ago. tax expenditures, tax breaks, deductions and credits that you were mentioning, they are as billable to individuals as some -- as valuable to individuals as some of the mentor programs to those as on the spending side. they have as much political support and will be as difficult to get rid of or change. like medicare or social security. some to get back to your question, -- so to get back to your question, that is the reason why tax reform will be so difficult here. if there is a provision still in the tax code coming is there because it has political support and it will be difficult to get rid of. host: one of our viewer says, how well wall street react to the fiscal cliff? we know there will be a deal. will stocks dropped anyway? -- drop anyway? do you follow the market? guest: i do. it is possible the market will reflect displeasure or concern cliff.
demanding to deficit-reduction. -- demanding deficit reductions. tell me where there are. interest rates have been going up in the other direction. to get back to something else that we were talking about a few minutes ago. tax expenditures, tax breaks, deductions and credits that you were mentioning, they are as billable to individuals as some -- as valuable to individuals as some of the mentor programs to those as on the spending side. they have as much political support and will be as...
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Dec 22, 2012
12/12
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. >> proposal to get our deficit uncontrol, avoid tax cuts, or avoid tax hikes on the middle class, and to make sure we can spur jobs and economic growth. a balanced proposal that cuts spending but also asks the wealthiest americans to pay more, proposal that will strengthen the middle class over the long haul and grow our economy over the long haul. during the course of these negotiations i offered to compromise wit republicans in congress. i met them halfway on taxes, and i met them more than halfway on spending. in terms of actual dollar amounts we're not that far apart. as of today i am still ready and willing to get a comprehensive package done. i still believe that reducing our deficit is the right thing to do for the long-term health of our econy and the confidence of our businesses. i remain committed to working towards that goal, whether it happens all at once or whether it happens in several different steps. but, in 10 days we face a deadline. in 10 days under current law tax rates are kedcud you would to -- scheduled to rise on most americans. even though democrats and republ
. >> proposal to get our deficit uncontrol, avoid tax cuts, or avoid tax hikes on the middle class, and to make sure we can spur jobs and economic growth. a balanced proposal that cuts spending but also asks the wealthiest americans to pay more, proposal that will strengthen the middle class over the long haul and grow our economy over the long haul. during the course of these negotiations i offered to compromise wit republicans in congress. i met them halfway on taxes, and i met them...
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Dec 30, 2012
12/12
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part of that is deficit reduction. part of it is also making sure that we're investing, for example, in rebuilding our infrastructure, which is broken. and, you know, if we are putting people back to work, rebuilding roads, bridges, schools, in part paying for it by some of these broader long-term deficit reduction measures that need to take place, that will grow the economy at the same time as we're also setting our path for long-term fiscal stability. number three. you know, we've got a huge opportunity around energy. we are producing more energy, and america can become an energy exporter. how do we do that in a way that also deals with the environmental challenges we have at the same time? so that's going to be a third thing. but the most immediate thing i've got to do starting on january 1, if congress doesn't act before the end of the year, is to make sure that taxes are not going up on middle class families. because it is going to be very hard for the economy to sustain its current growth trends if suddenly we ha
part of that is deficit reduction. part of it is also making sure that we're investing, for example, in rebuilding our infrastructure, which is broken. and, you know, if we are putting people back to work, rebuilding roads, bridges, schools, in part paying for it by some of these broader long-term deficit reduction measures that need to take place, that will grow the economy at the same time as we're also setting our path for long-term fiscal stability. number three. you know, we've got a huge...
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Dec 26, 2012
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we are looking at the deficit of this year and looking at deficit of that size as far as the eye can see and not how to put together a minor package as chuck was talking about. this is the larger deal. the problem you have, obviously, not much time so i think you're likely to see a two-step process here. dealing with the immediate dynamics to, in fact, set up a situation to deal with the larger situation. but ultimately, here, the other element to occur is this is a real negotiating process. i have to say i was disappointed in the president when he used this line, when the speaker said to him, hey, i'm giving you $800 billion. what do i zbhet the president's response was nothing. the white house has to come up with -- >> the response of the white house is times is different. 2011 is 2011. doesn't speaker boehner get less out of a smaller deal? >> no, no. i think he wants a larger deal and going back to august of 2011, they were -- they got very close to the large deal. richard, pushing back in terms of a little bit in terms, look, this is a negotiating process. one side can't say you
we are looking at the deficit of this year and looking at deficit of that size as far as the eye can see and not how to put together a minor package as chuck was talking about. this is the larger deal. the problem you have, obviously, not much time so i think you're likely to see a two-step process here. dealing with the immediate dynamics to, in fact, set up a situation to deal with the larger situation. but ultimately, here, the other element to occur is this is a real negotiating process. i...
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Dec 30, 2012
12/12
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biggest sticking points is should new leff new from tax increases be used to pay down the country's deficit or used to cover the cost of preventing sweeping government spending cuts? no ordinary sunday. arriving at the capitol, congressional leaders' every move and every word under scrutiny, as the country waits, weighing in from the white house, the president, who appeared on "meet the press," pushed republicans to give on taxes. >> i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit as part of an overall deficit reduction package. >> reporter: inside closed door negotiations this weekend, aipds say there have been "constructive move." on key issues like taxes, including compromise on where to set higher rates for wealthier americans and avoiding a jump in inheritance taxes. but this afternoon, republican leader mitch mcconnell complained that democrats had failed to deliver a promised counteroffer. so mcconnell called for help, phoning vice president biden who came to the white
biggest sticking points is should new leff new from tax increases be used to pay down the country's deficit or used to cover the cost of preventing sweeping government spending cuts? no ordinary sunday. arriving at the capitol, congressional leaders' every move and every word under scrutiny, as the country waits, weighing in from the white house, the president, who appeared on "meet the press," pushed republicans to give on taxes. >> i think it's been very hard for speaker...
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Dec 22, 2012
12/12
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this is it the largest deficit reduction in history. >> president bush. >> american families have to balance their budgets and so should the government. >> and president. >> ever day families sacrifice to live in their means and they deserve a government to do the same. >> boehner insists that the president is singing a different tune. >> it is clear that the president is not serious about cutting speppeding, but speppeding is the problem. >> you can hear the talking heads every day and back and forth every day. but have you tried to get your head around how much the government doles out every day. what is the basic math we have the problem. >> in the month of november. the government brought in five billion worth of revenue . we spend more than 11 billion a day. the difference as you can clearly see is roughly six billion dollars. so how can we keep speppeding more than we take in? the econist said we can't. the government spends more than 11 billion a day. where does thity of the money g. top four outlays. department of health and human services that goes through three billion of t
this is it the largest deficit reduction in history. >> president bush. >> american families have to balance their budgets and so should the government. >> and president. >> ever day families sacrifice to live in their means and they deserve a government to do the same. >> boehner insists that the president is singing a different tune. >> it is clear that the president is not serious about cutting speppeding, but speppeding is the problem. >> you can...
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Dec 27, 2012
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that's a healthy start but such a baby step when you're debading $100 billion out of a $1.3 trillion deficit. that's not draconian, that's not even that serious. >> warner: let me ask you this. the tea party has been since its -- at least inception when it burst on the national scene in '09 against the obama health care plan. been very vocal, had rallies and protests voiced its view and put pressure on lawmakers. they have not done that this -- in this go-round. there's no rallies calling on members of congress to stand firm against any compromise. what what explains that? >> i think it's a seshl movement and it's evolved dramatically from those protests in 2009. we were involved in those and those were very important at that time. you're seeing an evolution in developing sophistication at the very local level amongst activists. they're very aware of what's going on on the fiscal cliff. they're very aware of what a budget resolution is and you see that pressure applied to both republicans and democrats. >> warner: quietly. >> well, we're not a protest movement anymore. we're something else.
that's a healthy start but such a baby step when you're debading $100 billion out of a $1.3 trillion deficit. that's not draconian, that's not even that serious. >> warner: let me ask you this. the tea party has been since its -- at least inception when it burst on the national scene in '09 against the obama health care plan. been very vocal, had rallies and protests voiced its view and put pressure on lawmakers. they have not done that this -- in this go-round. there's no rallies calling...